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GOLD: Weaker Greenback Sees Spot Gold Test $2,600/oz

GOLD
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  • A brief resumption of strength for equity markets has continued to tilt the greenback lower and as such, spot gold very briefly touches the $2,600/oz mark, a fresh record high, before paring gains.
  • Last week’s advance confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend.
  • Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment.
  • The focus remains on $2600.0 and above here, markets will look to $2613.3.0, the 2.00 projection of the Jul 25 - Aug 2 - Aug 5 price swing.
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  • A brief resumption of strength for equity markets has continued to tilt the greenback lower and as such, spot gold very briefly touches the $2,600/oz mark, a fresh record high, before paring gains.
  • Last week’s advance confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend.
  • Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment.
  • The focus remains on $2600.0 and above here, markets will look to $2613.3.0, the 2.00 projection of the Jul 25 - Aug 2 - Aug 5 price swing.